Ark Restaurants Q3 revenue falls

Overview

• Ark Restaurants fiscal Q3 revenue falls to $43.7 mln from $50.4 mln year ago

• Adjusted EBITDA declines due to Bryant Park litigation expenses

• Net loss affected by non-cash impairment charges at Sequoia restaurant

Outlook

• Company notes potential adverse effects if Bryant Park leases not renewed

Result Drivers

• LITIGATION COSTS - Ongoing litigation involving Bryant Park operations led to expenses exceeding $800,000, impacting EBITDA, per CEO Michael Weinstein

• BRYANT PARK GRILL IMPACT - Revenue and cash flow at Bryant Park Grill suffered due to negative publicity from landlord dispute

• SEQUOIA IMPAIRMENT - Non-cash impairment charges at Sequoia restaurant in D.C. affected net income due to challenging market conditions

Key Details

Press Release: ID:nBwbvR99va